Wis. Stat. § 34.08 Payment of Losses

• Library: Wisconsin Statutes
• Edition: 2023
• Currency: Current through Acts 2023-2024, ch. 86
• Year: 2023
• Citation: Wis. Stat. § 34.08

(1) Except as provided in sub. (2), the appropriation in s. 20.144(1) (a) shall be used to repay public depositors for losses until the appropriation is exhausted.

(2) Payments under sub. (1) shall be made in the order in which satisfactory proofs of loss are received by the division of banking. The payment made to any public depositor for all losses of the public depositor in ...

(3) Losses become fixed as of the date of loss. A public depositor experiencing a loss shall, within 60 days of the loss, assign its interest in the deposit, to the extent of the amount paid under this section, to the division of banking. Upon failure to make the assignment, the public depositor shall forfeit its right to payment under this section. Any recovery made by the division of banking under the assignment shall be repaid to the appropriation under s. 20.144(1) (a).